Nvidia, Apple, Meta all in AI 🌈
AI chips bring Nvidia blockbuster results, shares go 🚀 Apple takes 30% bite from AI innovation. Meta is training its AI on the Bible. Super memecoin hunter bags $1M in 30 days trading 104 tokens.
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Nvidia all over AI
Nvidia's shares surged by 27.6% in extended trading, pushing the company towards a market cap of $1 Trillion. This increase came after Nvidia's first-quarter report showed a 19% quarter-on-quarter revenue growth, surpassing expectations.
Nvidia is a leading manufacturer of AI chips, which are in high demand due to the growing interest in AI-powered tools like OpenAI's ChatGPT. The company foresees a transition to accelerated computing and generative AI, leading to increased demand for their products.
This strong performance also positively impacted other AI-related firms, such as Advanced Micro Devices, Microsoft, Google, C3.ai, and Palantir Technologies.
If the gains hold, Nvidia could add $219 Billion to its existing $755 Billion market cap in a single day, surpassing Amazon's previous record increase.
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Apple takes its 30% bite from AI innovation
The AI revolution is booming, with OpenAI's ChatGPT app gaining significant popularity. Apple is quietly benefiting from the AI wave.
OpenAI released an iPhone app for ChatGPT, which quickly climbed to the top of the App Store charts and became the number one app in the free apps category. Apple's 30% cut, known as the "Apple Tax," applies to new subscriptions made through iOS, including ChatGPT Plus subscriptions. For every $20 monthly subscription fee paid by iOS users, Apple takes $6.
Apple's 30% fee has faced legal challenges, with a U.S. federal appeals court ruling that Apple violated California's Unfair Competition Law by prohibiting alternative payment methods. Despite this, OpenAI has chosen to stick with Apple's built-in payment processor, likely due to the seamless user experience it provides.
While Apple has won recent legal battles, such as the case with Epic Games, it may be compelled to allow third-party app stores in the European Union due to new legislation. This ongoing narrative highlights the complex relationship between AI pioneers, big tech companies like Apple, and regulators. Apple seems to have the upper hand for now.
Meta is training its AI on the Bible
Meta has developed an AI-powered text-to-speech technology. The technology can identify over 4,000 languages and aims to preserve languages around the world.
Meta utilised religious texts, such as the Bible, for collecting audio data in multiple languages. The company obtained data from the Bible, including original text and audio recordings from various sources.
The project includes recordings of Bible stories, evangelistic messages, scripture readings, and songs in more than 6,255 languages and dialects.
While most recordings feature male readers, Meta's AI models work equally well for female voices. The dataset also includes readings of the New Testament in over 1,100 languages, providing an average of 32 hours of data per language.
Meta consulted with Christian ethicists and determined that using the New Testament in machine learning is generally acceptable to most Christians. However, Meta acknowledges the risk of religious training data biasing the models and claims that their analysis shows only minimal bias compared to baseline models trained on other domains.
Meta plans to open-source its data and code, allowing others to build upon and improve the platform.
TTD Adoption 🎺
Sandeep Nailwal, the co-founder of the Ethereum scaling platform Polygon, does Ask Me Anything (AMA) in the r/India community on Reddit … #READ
Nailwal quote picks
Blockchain and decentralisation
“Crypto is still in its nascent stage. I don’t believe that any blockchain ecosystem, except Bitcoin and Ethereum, is fully decentralised yet. What we need is progressive decentralisation of protocols and applications as they achieve larger and larger significance.”
Use cases for blockchain other than trading and payments.
“I think gaming is the largest scale opportunity for crypto. There are some top games launching in Web3 in the next 6-18 months and it would be very interesting to see if some of them are able to crack the crypto code. Last year itself there was $2 Billion+ in funding for Web3 games.”
Crypto has become too speculative?
“Boon cuz [because] it attracts top talent towards the industry, bane cuz obviously a large number of users and applications are speculative in nature. But one could argue that any potential big industry invites a lot of speculation early on. It was the same with the gold rush area and it was also the same for the dot com boom.”
Reddit’s NFT heist. 9.7 Million users onboarded.
"Is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs."
TTD Trader 📊
A "super memecoin hunter" has generated over 562.64 ETH (worth more than $1 million) in profits by trading meme tokens in just over a month #Thread.
Let’s break it down
The trader achieved a 63.5% trade winning rate across 104 meme tokens, with 66 of them resulting in profits.
The majority of the profits came from investments in meme coins $RFD and $PEPE, with returns of 4-fold and 32-fold respectively.
The trader demonstrated the ability to minimize losses, with the largest loss being 6 ETH ($11,306) invested in $RIBBIT.
Despite warnings about the lack of inherent utility or value support for $PEPE, its market has seen significant growth and it has become a top 100 digital asset.
Another investor turned 0.125 ETH investment in $PEPE into $1.14 Million in just a few days.
TTD Crash 😖
Croatian cryptocurrency investment firm Bitlucky has collapsed, leading to the loss of around $75 Million in client assets.
Bitlucky was known for offering monthly returns of 5 to 25% to investors, which has raised suspicions about the true cause of its demise. Bitlucky positioned itself as an intermediary providing advisory and education services for investing in cryptocurrencies.
The company's director, Luka Burazer, sent an email to clients admitting to a series of bad trades and decisions that brought the company into a crisis situation.
The Croatian Association for Blockchain and Cryptocurrencies stated that Bitlucky was not a member and its director did not participate in industry events. Croatian police have opened an investigation into the company following complaints from customers.
TTD Blockquote 🔊
Ron DeSantis, Florida Governor and Republican presidential nominee.
“You have every right to do Bitcoin. The only reason these people in Washington don’t like it is because they don’t control it.”
Picture this: Florida Governor Ron DeSantis and Elon Musk walk into a meeting in Miami, ready to shake things up.
What's on their lively agenda?
The future of Bitcoin under a potential Joe Biden reelection.
DeSantis drops a bombshell, proclaiming that if Biden takes the throne again, Bitcoin is in for a bumpy ride. Bitcoin-versus-politics showdown.
TTD Surfer 🏄
Less than two weeks after being granted bail, Terra Founder Do Kwon has had his bail revoked and is back in jail in Montenegro, Bloomberg reports.
Shaquille O'Neal was served legal papers related to the FTX bankruptcy and his Solana NFT project while broadcasting an NBA game in Miami.
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So long. OKAY? ✋
The US Constitution was put in place to ensure the Federal Government was so powerless over The People that the President of the US would have almost zero impact on our daily lives.
Yet today we are so overrun with government filth that we have to actually care about who we elect as President.
It's good to see at least a few of the candidates are young enough to know what Bitcoin is and haven't been in office since before the fall of Saigon.